
FRANCE - AXA's public tender offer on Camaïeu to close in three days
AXA Private Equity has only three more days of its simplified tender offer for Camaïeu’s remaining 47.2% currently floating on Euronext Paris. On 12 January 2006, AXA's holding company, Modamax filed a simplified cash tender offer on the shares of Camaïeu. The offer was declared admissible by the AMF on January 24, 2006 and has been open from 31 January 2006 until 13 February 2006 inclusive. Modamax is intending to to file a delisting offer followed by a squeeze-out. The offer has been filed at EUR 130; the same price Modamax paid to purchase its shares from Castlerigg Master Investments at the end of last year.
On 31 January 2005, AXA PE acquired 39.8% of the Camaïeu’s capital and 55.1% of the voting rights, representing a controlling block of shares. The Torck and Giraud-Verspieren families, together with certain members of Camaïeu's management team, sold their direct and indirect interests at a price of EUR 85 per share. The debt facilities were underwritten by Calyon and the Royal Bank of Scotland. At this time, Financière Addax began proceedings for a planned public tender offer for all Camaïeu shares it did not already own. However, the UK management group Sandell acquired 10.43% of Camaïeu’s capital at the last minute, stating that it would continue to purchase tickets in the company over the next 12 months, thus preventing AXA’s delisting of Camaïeu.
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